Crypto Academy Week 12: Homework Post for @pelon53 | TOKENS, PART 2

I'm thrilled to be a part of this week's class. @pelon53, thank you very much for this fantastic tutorial.

ERC-1155 token

ERC-1155 is a token that behaves as if it were an ERC-20 or ERC-721 token, or both, in the same address. It's a newly created token that was build on the ideas of previous tokens (ERC-20, ERC-721, ERC-777) to improve the functionality of the standards and create a fungible-agnostic token contract. It's also known as the multi-token because it employs a single smart contract to display multiple tokens at the same time. Instead of creating a new contract for each token form, one ERC-1155 token contract can be used to carry the entire system, saving gas fee, simplifying deployment, and lowering costs. Ronan Sandford,Philippe Castonguay, Eric Binet, and James Therien created the ERC-1155 Token.

Why Was ERC-1155 Token Created

This standard token was developed to bring the ERC-20 and ERC-721 tokens together and resolve their flaws. ERC-20 has a problem reacting to transfer events, and tokens are trapped indefinitely if a transfer is made to the wrong address, while ERC-721 has a problem obtaining a direct token identifier, which makes transfers complicated and inconvenient. As a result, ERC-1155 collaborates to overcome their weaknesses and improve management performance. It also eliminates the need for token fragmentation by allowing them to run on the same contracts.

Features Of ERC-1155 Token

• Multiple tokens: ERC-1155 can perform operations on multiple (fungible/non-fungible) tokens in the same contract at the same time.

• Mass transfers: ERC-1155 allows users to send large amounts of token to the contract's address. This lowers transaction costs while also reducing network latency.

• Security: This token is extremely secured, and it includes a smart contract that verifies each transaction. It's especially helpful when there's a typo in the address.

• Low Transaction Fee: Since you can send several ERC-1155 tokens at once, the transaction cost for sending ERC-1155 tokens is relatively low. ERC-721 tokens, on the other hand, have a higher transfer cost since you can only send one ERC-721 token at a time. You must submit it one by one, and each transfer will incur a commission fee.

How to verify the number of existing ERC-721 tokens

Step 1: Visit the etherscan website in your browser. Click the three lines at the upper right side of the page.
Some options will be displayed click on "Token"

Step 2: Click on "ERC721 Top Tokens"

Step 3: The total ERC721 tokens will pop up, at the moment of writing there are 11,153 ERC721 tokens.

TRC-20 Token

TRC20 tokens are considered to be native tokens of the Tron blockchain, with TRC20 tokens being generated on the Tron protocol through smart contracts and the Tron Virtual Machine (TVM). TRC20 tokens have some similarities to ERC20 tokens in that both are created by smart contracts, but there are several variations.
Other TRC-20 siblings include the TRC-10 and TRC-721.

TRC-20 and ERC-20 Difference

Features	TRC-20	ERC-20
The blockchain they use	Tron	Ethereum
Transaction speed	Fast	Slow
Transaction fee	Low	High
The type of Transaction fee	Consumes Energy & Bandwidth	Gas fee

Features of TRC-20 tokens

• TRC20 tokens can be traded using peer-to-peer (P2P) trading, which eliminates the need for third parties in transactions.

• Since the code is identical, developers can easily migrate projects based on the ERC-20 standard to TRC-20.

• The TRC-20 tokens can be used in TRON wallets on a variety of platforms, including Android, Mac, Windows, iOS, and others.

• The cost of transfering TRC-20 is very low

Rules of Implementing TRC-20 Tokens

Non-mandatory

Name: The token must have a name that can be used to identify it.

Abbreviation: To make referencing easier, the token must be written in abbreviation.

Precision: the token's smallest number by which it can be divided must be known.

Mandatory

Total supply: is a feature that returns the token's total supply.

Balance of: this is a feature that returns the account's token balance.

Approve: this allows a third party to send tokens from the account of the owner.

TransferFrom: This is a feature that allows a third party to transfer tokens from one account to another on behalf of the owner.

Allowance: This is used to determine whether or not the third party should transfer the remaining tokens.

How to verify the amount of TRC-20 tokens

Step 1: Visit tronscan in your browser
Then click on the three lines and select the "Token" in the options displayed

Step 2: Now click on "Token Tracker"

Step 3: Click on "TRC20"

Step 4 The total TRC20 tokens will pop up, at the moment of writing there are 16,143 TRC20 tokens.

Conclusion

ERC-1155 brilliantly blends the benefits of ERC-20 and ERC-721 while still addressing their flaws. We discovered that the ERC-1155 standard is more stable, flexible, and difficult to misplace.

I also included instructions on how to check the total number of ERC-721 tokens in circulation. When I check, there were 11,153 ERC-721 tokens in circulation.

Furthermore, we discovered that the TRC-20 standard is identical to the ERC-20 standard, but it is superior in terms of transaction speed, fees, and decimal count. When I check the Tron Blockchain, there were 16,143 TRC-20 tokens.

Cc:
@pelon53

All the Image used above are mine, screenshot taken with my phone